60 Degrees Pharmaceuticals (SXTP) said Thursday it signed a patent licensing agreement with Florida State University to develop large-scale production methods for Australian chestnut extract, a substance derived from the seeds of the Australian chestnut tree.

The company said the extract contains castanospermine, a naturally occurring compound that studies suggest may affect how the body processes carbohydrates and regulates blood sugar levels.

The company said the US Food and Drug Administration has provided feedback on its filing seeking approval to market the extract as a dietary supplement ingredient.

The FDA and the company are scheduled to meet on July 1 to discuss additional safety information needed for the application, the company said, adding that it plans to submit a revised application to the agency following the meeting.